Steve Jobs seen returning post-WWDC brandishing new iPhones

While all eyes are on Apple's annual developers conference as a likely forum for new iPhone hardware announcements, one Wall Street analyst is advising clients that better bets may be placed on an event a few weeks later that may also mark the return of Steve Jobs.

In a note to clients, Piper Jaffray analyst Gene Munster said he believes a press release from Apple on Wednesday regarding its WWDC keynote plans suggests the event will largely focus around software and may have even been drafted as such to reset expectations for the conference.

"As indicated in today's press release, we believe Apple will focus on the new version of Mac OS X 10.6 Snow Leopard at WWDC," he wrote. "While some investors may be expecting Apple to launch redesigned iPhones at WWDC, we do not anticipate the launch in early June."

Instead, Munster is placing his money on a surprise media event that would take place sometime in late June or early July following Jobs' return. He believes the event will be used to usher in a new "family" of iPhones, including a cheaper model that he sees playing into Apple's strategy for the Chinese cell phone market which could materialize by September.

"We continue to expect multiple models, possibly a high-end iPhone with improved specs from the current version and a low-end version with lower capacity and fewer features along with a reduced pricing plan," the analyst wrote.

With Phil Schiller announced as the keynote speaker for this year's WWDC, some investors may have renewed concern that Jobs may never return to the company, according to Munster, who maintains his belief that co-founder is on track to return later in the month, per comments from other members of the company's leadership.

"This is consistent with our expectations as well as Apple's indications that Steve Jobs is still planning on returning to the company 'at the end of June' (emphasis added)," he wrote. "In order for Jobs to deliver the keynote on June 8th, he would likely begin preparations well before his intended return date."

Munster's presumptions may carry some weight given that new iPhone hardware will require advancements present in iPhone Software 3.0, which is unlikely to be ready for public consumption as early as WWDC. Only last week did Apple issue a mandate requiring all developers to certify that new and updated app submissions are compatible with the upcoming software update.

I hope Steve regains his health but extends his leave of absence to work on his house. I am just about finished with my new house which has been under construction for almost a year. A project like Steve's will take a lot of energy on his part but is a really rewarding endeavor. As long as he is healthy, it shouldn't affect Apple stock adversely if he extends his leave since he could return at any time he chooses.

While I have no idea either, if I were in charge at Apple the last thing I would want to do would be to fuel the Cult of Steve. I sincerely hope that Jobs is well into his recovery, but Apple needs to reassure that it can go it without Steve, something that eventually must happen as we are all mortal.

I doubt Apple is waiting for Steve. Production schedules are established many months in advance. I expect when Steve said he was taking a 6 month hiatus, he and everyone else at the top of Apple knew this would fit well with the next generation announcement.

I don't understand how having Steve deliver the keynote makes that dramatic of a difference in sales. Maybe if it had been two or three years and apple was releasing a new device, not just a hardware refresh, which was clearly outside the design scope of Jobs, then maybe the public may be really unsure, unsettled about the new project. Am I crazy with line of reasoning?